City of Alexandria, Virginia
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MEMORANDUM
DATE: APRIL 4, 2018
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
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Consideration of the Monthly Financial Report for the Period Ending February 28, 2018.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending February 28, 2018.
RECOMMENDATION: That City Council receive the Monthly Financial Report (Attachments 1 and 2).
BACKGROUND: The following discussion is a summary of the Monthly Financial Report for this period. Schedules comparing revenues and expenditures to date to the same period in
FY 2017 are attached.
As of February 28, 2018, General Fund revenues totaled $566.2 million, an increase of $155.7 million or 37.9% more than the revenues collected at the same time in FY 2017. Through eight months of FY 2018, approximately 62.4 percent of budgeted revenues have been collected. The significant variance compared to the prior year is due to different sizes of bond refundings. In
FY 2017, $34.2 million in outstanding debt was refinanced at lower interest rates for a savings of approximately $2.4 million. In FY 2018, $167.4 million in outstanding debt was refinanced and will produce approximately $13 million in debt service savings over the next 15 years. If the refunding is excluded in both years, 53.9 percent of budgeted revenues have been collected and revenues through the first eight months reflect a 5.9 percent increase compared to the same time period last year. Real Property tax revenues are 7.1 percent higher at this point in FY 2018 compared to the same period in FY 2017, which is consistent with the tax rate and assessment increases in Calendar Year 2017.
Through January 2018, Other Local Tax revenues equal $70.7 million compared to $69.4 million in February 2017. Recordation tax revenue exceeds last year by $1.3 million due to t...
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